what is book keeping?
Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business.Transactions include purchases, sales, receipts, and payments by an individual person or an organization/corporation. There are several standard methods of bookkeeping, including the single-entry and double-entry bookkeeping systems. While these may be viewed as “real” bookkeeping, any process for recording financial transactions is a bookkeeping process
single-entry book keeping
Single-entry bookkeeping is an accounting system used to keep track of a business’s finances. There is one entry per transaction and most entries record either incoming or outgoing funds.
double-entry book keeping
Double-entry bookkeeping, in accounting, is a system of book keeping where every entry to an account requires a corresponding and opposite entry to a different account.
What We Have Here for You
We oversee a company’s financial data and compliance by maintaining accurate books on accounts payable and receivable, payroll, and daily financial entries and reconciliations.
Is Your Bookkeeping Up to Scratch?
every business needs to be on the ball when it comes to their bookkeeping, no matter how big or small they are. If you’re not sure about where your small business bookkeeping can be improved, don’t worry. We’ve put together a checklist that will make sure you’re not forgetting anything when it comes to your bookkeeping.
Frequently Asked Questions
Accounting is the process by where a company’s financials are recorded, summarized, analyzed, consulted and reported on. Bookkeeping is the recording part of this process, in which all of the financial transactions of the business (consisting of income and expenses) are entered into a database.
The process of bookkeeping involves four basic steps: 1) analyzing financial transactions and assigning them to specific accounts; 2) writing original journal entries that credit and debit the appropriate accounts; 3) posting entries to ledger accounts; and 4) adjusting entries at the end of each accounting period.
The purpose of bookkeeping is to create a record of financial transactions that can be summarized for various uses. Bookkeeping systems range from the most basic, such as the check register used to record checks and deposits, to the complex systems of ledgers and journals used by large corporations.
Your bookkeeper must have a basic understanding of bookkeeping/accounting terms. They should have a basic understanding of the difference between the five basic types of accounts (assets, liabilities, equity, income and expenses). 2. They must be detail oriented.